Toshiba is suing five executives as the scandal-ridden company tries to recover from accounting irregularities and financial misstatements, which led to inflated profits by more than 170 billion yen (US$1.2 billion). The Tokyo-based company said in a statement that it is suing two of its former chief financial officers and three former presidents, Hisao Tanaka, Norio Sasaki and Atsutoshi Nishida as the firm seeks 300 million yen ($2.44 million) in damages.
The lawsuit was filed on Saturday with the Tokyo District Court, and was based of findings from a report submitted by an independent panel, which is investigating 98 former and current executives for doctored books that led to inflated profits.
